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3 Big Things Today, January 13

Corn, Soybeans Lower Overnight; Export Sales Rebound Weekly, Still Below Average.

1. Corn, Beans Lower Overnight Despite Mostly Bullish WASDE Report

Corn and beans were lower in early trading after a mostly benign supply and demand report from the U.S. Department of Agriculture yesterday and from export sales that rose from last week but were still below average.

The USDA on Thursday said in its monthly World Agricultural Supply and Demand Estimates (WASDE) Report that domestic producers still harvested record amounts of corn and beans last fall and left global stockpiles forecasts for corn and soybeans mostly unchanged, though slightly lower than the prior month. Analysts called the report mostly bullish, pushing bean prices up almost 30¢ yesterday.

The Department of Agriculture said yesterday that export sales all rebounded from the prior week’s marketing-year lows but were still well below their respective four-week averages.

Corn futures for March delivery fell 1¢ to $3.56¼ a bushel overnight on the Chicago Board of Trade.

Soybeans declined 4¾¢ to $10.35½ a bushel in Chicago. Soy meal futures lost $1.20 to $326.70 a short ton, and soy oil futures fell 0.20¢ to 35.87¢ a pound.

Wheat for March delivery in Chicago lost ¾¢ to $4.25½ a bushel, and Kansas City futures rose 2¢ to $4.46¾ a bushel overnight.  

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2. Sales of Grains, Beans Climb From Marketing-Year Lows, Still Well Below Average

Corn, soybean, and wheat sales all rebounded from marketing lows last week, but were still well behind their respective four-week averages, according to the U.S. Department of Agriculture.

Sales of corn totaled 603,300 metric tons in the seven days that ended on January 5, the USDA said. That’s up 41% from the prior week, but down 42% from the prior four-week average. Unnamed buyers were the biggest takers of corn, purchasing 207,000 tons, followed by Japan at 126,500 tons, and Taiwan, which took 80,600 tons.

Soybean sales to overseas buyers totaled 348,900 metric tons, up from last week’s dismal sales, but still down 71% from the prior week, according to the government. The Netherlands was the biggest buyer at 208,200 tons, followed by China, which purchased 200,300 tons, and Mexico, which took 67,800 tons, the USDA said.

Wheat sales were up “noticeably” from the prior week at 391,000 tons, but down 1% from the average. Unknown buyers were the biggest purchasers at 292,900 tons, followed by Mexico’s 66,100 tons, and Nigeria’s 10,900 tons, according to the agency.

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3. Ice Storm Stretches From Southern Plains to Mid-Atlantic Through The Weekend

An extremely large ice storm is creeping across the U.S., stretching from the Southern Plains to the Mid-Atlantic, the National Weather Service said in a report on Friday morning.

“An extensive, widespread freezing rain event is possible from the Southern Plains to the Ohio Valley Friday into Sunday,” the NWS said. “The event has the potential to cause downed trees, power outages, and dangerous travel conditions.”

The storm stretches from northern Texas, north to Nebraska, and east into Pennsylvania, according to the weather map. An ice storm warning has been issued for much of the region.

That implies freezing rain will continue throughout the extent of the storm warnings, creating extremely dangerous travel conditions, the NWS said.

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